ETH Price Stalls at $3k as Bloomberg Announce New Ethereum ETFs Launch Date

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Ethereum Price Forecast (ETH/USD) | TradingView

The Chande Momentum Oscillator (ChandeMO) is at -59.63, which underscores the bearish momentum currently affecting Ethereum. This low momentum suggests that buying interest is weak, and short-term buyers might be hesitant to enter large long positions, especially given the ongoing uncertainty around the Ethereum ETF.

Support levels to watch include the psychological level of $2,900 and further down at $2,800. These levels are critical as they could provide a floor if the downward trend continues.

On the upside, the key resistance level is at $3,100. Breaking and holding above this level could potentially trigger larger gains and signal a reversal of the current bearish trend.

In summary, Ethereum is under significant selling pressure, and the weak momentum suggests caution for short-term buyers. Monitoring the support at $2,900 and resistance at $3,100 will be crucial for anticipating the next significant move. A breakthrough above $3,100 could lead to a more substantial recovery, while failing to hold $2,900 could result in further declines.